North Carolina § 53-267 Repayment upon borrower's default

North Carolina Statutes

§ 53-267 — Repayment upon borrower's default

North Carolina § 53-267

Ch. 53Regulation of Financial Services

Art. 21Reverse Mortgages

This text of North Carolina § 53-267 (Repayment upon borrower's default) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 53-267 (2026).

Text

A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one or more of the following terms and conditions:

(1)The borrower fails to maintain the residence as required by the contract.

(2)The borrower sells or otherwise conveys title to the home to a third party.

(3)The borrower dies and the home is not the principal residence of the surviving borrower.

(4)The home is not the principal residence of at least one of the borrowers for a period of 12 consecutive months for reasons of physical or mental illness.

(5)For reasons other than physical or mental illness, the home ceases to be the principal residence of the borrower for a period of 180 consecutive days and is not the principal residence of another borro

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A reverse mortgage loan contract may provide for a borrower's default, thereby triggering early repayment of the loan, based only upon one or more of the following terms and conditions:
(1) The borrower fails to maintain the residence as required by the contract.
(2) The borrower sells or otherwise conveys title to the home to a third party.
(3) The borrower dies and the home is not the principal residence of the surviving borrower.
(4) The home is not the principal residence of at least one of the borrowers for a period of 12 consecutive months for reasons of physical or mental illness.
(5) For reasons other than physical or mental illness, the home ceases to be the principal residence of the borrower for a period of 180 consecutive days and is not the principal residence of another borrower under the loan, without prior written permission from the lender.
(6) The borrower fails to pay property taxes, insurance premiums, and assessments under G.S. 53-261. (1991, c. 546, s. 1; 1995, c. 115, s. 1.)